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Texas Land Sales | Land For Sale In Texas
There is a saying that the secret to becoming extremely wealthy is to find out where people are going, getting there first, and buying land, for land is the basis of all wealth!
Acquiring quality Real Estate will soon be beyond the reach of most Americans as the population continues to increase. Furthermore, with extremely beautiful weather and thousands of recreational and entertainment activities, investing in Texas land can be considered an excellent investment for generations to come!
Furthermore, with Houston, San Antonio, Dallas, and an endless variety of beautiful beaches, Texas real estate is becoming a favorite investment for long term investors! As one of the world’s largest economies, Texas is the place to be in the investment world!
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The Basics of Buying Tax Liens in Texas
As the old saying goes, you get rich by buying low and selling high. A popular way to purchase real estate property at significant discounts is through Tax Lien sales.
What is a Tax Lien?
In most states a county will issue a tax lien on a person’s property that is late on paying real property taxes. Certain states allow the tax lien to become a first lien on the property, which is then turned around and sold at auction as a tax lien certificate.
Texas Tax Deed Auction Process
Texas does not have tax lien certificate sale, rather, they hold tax foreclosure sales (also called tax deed sales) on the first Tuesday of every month at the county. Times vary and it’s recommended that the investor contact the County Clerk’s office to find out the time.
When attending the tax lien sale, bring an acceptable form of payment, such as cash or cashier’s check, and then bid on tax lien properties. If the investor presents a winning bid, then he or she will pay the county, and the county will then issue a Sheriff’s Deed for the property purchased. Delinquent tax property deeds are sold to the highest bidder.
Texas Property Tax Sales
As the second biggest state in the United States, Texas has plenty of tax deed sales, also known as tax defaulted property sales. The Lone Star State’s tax deed sales mean when you pay for the past due taxes, you have the right to foreclose and own the property. However, the owner can buy it back by paying you for the past due taxes plus interest within a short period of time. That’s why most people refer to Texas as a “hybrid tax deed state.” The Smith County Tax Assessor’s office says this: “The owner may redeem the property at any time up to six months to two years after the sale. The redemption period varies for each property according to the type of property, the length of time we have been trustees, etc. When an owner redeems the property, he must pay the investor the amount paid at time of sale plus 25% and any costs of sale during the first year of redemption. During the second year, the investor is entitled to the amount paid at the time of sale plus 50% and any costs of sale.”
If you buy a tax deed in Texas, the owner typically has six months to pay you. The maximum amount of time is two years for homesteaded and agricultural property. If he does pay you, you earn 25 percent interest during the first year. You earn 50 percent interest in the second year. Redemption or redeem means the owner pays you to get the property back. He has a legal right to do this, within a certain amount of time in Texas.
When the tax assessor says his office is a “trustee,” that means his office filed a property tax lien. Local governments around the US put liens on the property when taxes are not paid. When collection efforts fail, the county sells the lien. It’s now a tax defaulted property. This is sold at a public auction.
There are two kinds of tax defaulted property auctions. The first is a tax lien sale; this gives you the right to collect the past due taxes, plus interest. Eventually, you can foreclose on the property and own it if the taxes are not paid. A tax deed auction means you get the property immediately. The owner can’t redeem it.
Texas law requires tax deed auctions to be held on the first Tuesday of the month at the county courthouse. However, a county may not have a tax defaulted property auction every month. Texas also has 254 counties, so several counties have an auction every month. You can contact each county to find out when auctions are planned.